Net proceeds from power sell-off $3.3bn: Roozendaal

NSW Treasurer Eric Roozendaal said net proceeds from the sale of the government’s electricity assets were $3.272 billion, roughly $2 billion less than the amount announced last month.

The government has been under pressure to clarify the figure amid claims from the Opposition that proceeds could be whittled down to less than $1 billion after related costs and debt payments were taken out.

Mr Roozendaal outlined the transaction costs in a press conference on Wednesday, including $1.2 billion in debt payments, $200 million in employee-related payments, $200 million in transaction and advisory fees and $360 million set aside for potential penalty charges in the event of power outages.

He said the development costs for the Cobbora coal mine in central NSW should not be subtracted from the proceeds because the mine “would pay for itself."